2012/02/07 (via comment on Google+): The organization eptcs.org appears like it provides publications exactly along the lines of arXiv ReviewJournal of <whatever subject area>. (And apparently this organization has funding and people to maintain their site. That is critical.)

So if this organization (or parallel organizations) could take on all of arXiv.org subject areas, then the process seems pretty much along the way of being resolved. (And include Journals as well as Proceedings.)

(Note in the bibtex of the above example: publisher = "Open Publishing Association". There you go!)